Best Buy (NYSE:BBY) Stock Gets Price Target Bump from Evercore

Key Points

• Evercore raised Best Buy’s price target from $85 to $90, implying approximately 1.34% upside from the stock’s current price.
• Analyst sentiment remains mixed: MarketBeat reports an average rating of “Hold” and an average price target of $85.65, despite recent upgrades from DA Davidson and buy reiterations from other firms.
• Best Buy exceeded quarterly expectations, reporting $1.47 in earnings per share versus the $1.39 consensus estimate and $9.78 billion in revenue, up 3.6% year over year.

Best Buy (NYSE:BBY - Get Free Report) had its price objective increased by analysts at Evercore from $85.00 to $90.00 in a research note issued to investors on Tuesday. Evercore's target price indicates a potential upside of 1.34% from the stock's current price.

Other analysts also recently issued research reports about the company. DA Davidson upgraded Best Buy from a "hold" rating to a "strong-buy" rating in a research report on Thursday, September 24th. Wedbush reaffirmed a "buy" rating on shares of Best Buy in a research note on Monday, August 24th. Piper Sandler boosted their target price on Best Buy from $77.00 to $85.00 and gave the company a "neutral" rating in a research note on Thursday, August 20th. Loop Capital lowered Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price target on the stock. in a research report on Monday, July 13th. Finally, Morgan Stanley increased their price objective on Best Buy from $80.00 to $90.00 and gave the company an "equal weight" rating in a research note on Friday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $85.65.

Best Buy Price Performance

BBY stock opened at $88.81 on Tuesday. The stock has a market cap of $18.63 billion, a price-to-earnings ratio of 14.78, a P/E/G ratio of 2.24 and a beta of 1.28. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. The company has a 50 day simple moving average of $87.58 and a 200 day simple moving average of $75.26. Best Buy has a 1 year low of $55.10 and a 1 year high of $96.53.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, topping analysts' consensus estimates of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. During the same quarter in the prior year, the firm posted $1.28 EPS. Best Buy's revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Research analysts anticipate that Best Buy will post 6.82 EPS for the current fiscal year.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard Schulze sold 300,000 shares of Best Buy stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total value of $27,753,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the sale, the executive vice president owned 116,173 shares in the company, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.50% of the company's stock.

Hedge Funds Weigh In On Best Buy

A number of institutional investors and hedge funds have recently modified their holdings of BBY. MV Capital Management Inc. bought a new position in shares of Best Buy in the 4th quarter worth approximately $25,000. Hillsdale Investment Management Inc. bought a new position in Best Buy in the 4th quarter worth $29,000. Bayban bought a new stake in Best Buy during the fourth quarter valued at about $33,000. Maseco LLP purchased a new stake in Best Buy in the first quarter worth about $37,000. Finally, Hantz Financial Services Inc. lifted its position in shares of Best Buy by 491.7% during the 4th quarter. Hantz Financial Services Inc. now owns 568 shares of the technology retailer's stock valued at $38,000 after buying an additional 472 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

About Best Buy

Best Buy Co, Inc NYSE: BBY is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.

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